UBS Appoints Former Credit Suisse CEO

by Phillip Morton, Investors Offshore.com

03 March 2009

Embattled Swiss bank UBS has appointed former Credit Suisse boss Oswald Grübel as group Chief Executive Officer with immediate effect, a move the banks says will ‘pave the way back to success’.

Commenting on the appointment, Peter Kurer, Chairman of UBS said:

“With his indisputable leadership qualities, combined with his extensive expertise, Oswald Grübel brings the ideal skill set to recreate value, together with our management team, for our shareholders and clients. He will also be adept in balancing our focus on prudent risk taking and client confidence, and our goal to position UBS for future success.”

During his career of almost forty years at Credit Suisse, Grübel held various management positions both at group level and in the investment banking and private banking areas. From 2003 until spring 2007, he was Co-CEO and CEO of Credit Suisse, and is credited with turning around the bank’s fortunes after a turbulent period in its history.

Commenting on his appointment, Grübel stated:

“I am convinced that the Swiss financial centre requires the presence of more than one big global bank. The opportunity to lead UBS with its unique client franchise in wealth management, investment banking and asset management in these extraordinary times presents a fascinating, yet formidable challenge to me. Together with our 77,000 dedicated employees, I will do all I can to bring UBS back on a profitable, successful track.”

Grübel replaces Marcel Rohner as CEO of UBS, the latter having announced his decision in January to retire.

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